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Problem - Kombie Led acquired 90% interest in Boomer Led on 1 January 2019 for $230,000. At that date, Boomer Ltd's equity consisted of share capital of $200,000 and retained earnings of $50,000. The fair value of the NCI in Subsidiary Led at 1 January 2019 was $29,000. In February 2019, Boomer Ltd sold a piece of land (carried in its books at $250,000) to Kombie Ltd for $260,000. Total profit reported by Boomer Lid for the year ended 30 June 2019 and 2020 were $280,000 and $230,000 respectively. Kombie Ltd is using a partial good will method. Calculate the goodwill and prepare the consolidation worksheet entries at 30 June 2020 for Kombie Ltd group. Narrations are not required. Show brief workings.
Impairment) Elaina Company has the following investments as of 12/31/17: Investments in common stock of Laser Company $1,500,000. Prepare journal entires to record the impairment of these two securities at 12/31/18. Assuming the Faisr Value of the La..
Determine the net present value using a discount rate of 12%. An equipment costing P680,000 with a residual value of P8,000.
Determine How do think the leadership of the company monitors routine activity and reacts to unexpected events? How would organize the business?
New common stock was issued during the year. If its year-end total debt was $120 million, what was the company's total debt to total capital ratio?
The firm's annual sales are expected to total $2,400,000, What is the projected ROE under the restricted policy
Prepare the tax return for your client, addressing the following 2 scenarios: Scenario 1: The Car Wash is a corporation. Scenario 2: The Car Wash is a limited liability company (LLC).
LB Enterprises uses a job-order costing system to determine its ending inventory and cost of goods sold. LB’s accountant estimated the manufacturing overhead for 1999 to be $595,200. The product the company makes is labor intensive and the estimated ..
In five years, Kent Duncan will retire. He is exploring the possibility of opening a self-service car wash. The car wash could be managed in the free time he has available from his regular occupation, and it could be closed easily when he retires.
The formal distinction between some current and noncurrent assets is somewhat arbitrary. Which of the following statements best illustrates this point? Inventory that may be sold next year, or in the subsequent year as demand dictates may be classifi..
Calculate Apple's current, quick, and cash ratios for 2015 and 2016. The industry averages for these ratios for 2016 were 1.72, 1.41, and 0.77, respectively.
Compute Donna's taxable income. (Show all calculations in good form.) During the current year, Donna, a single taxpayer (divorced in 2019)
A firm has a $75,000 line of credit. The annual percentage rate is the current prime rate plus 4.5%. The balance on November 1 was $12,300. On November 7, the firm borrowed $16,700 to pay for merchandise, and on November 21 it borrowed another $8,800..
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